* Financial details of deal not disclosed
* Sale comes as BP focuses on Egypt's offshore gas riches(Adds details, background)
By Ron Bousso
LONDON, June 3 (Reuters) - BP said on Monday it hadagreed to sell its interests in the Gulf of Suez oil concessionsin Egypt to Dubai-based Dragon Oil for an undisclosed sum.
Under the terms of the agreement, Dragon Oil will purchaseproducing and exploration concessions, including BP's interestin the Gulf of Suez Petroleum Company (GUPCO).
Reuters reported last month that London-based BP was nearingthe sale of the Egyptian assets to Dragon Oil for over $600million, citing industry and banking sources.
The deal, which is subject to the Egyptian Ministry ofPetroleum and Mineral Resources' approval, is expected tocomplete during the second half of 2019, BP said in a statement.
It is part of BP's plan to divest over $10 billion over thenext 2 years, it said, but the deal's financial details were notdisclosed.
The sale comes as BP focuses its operations on Egypt's vastoffshore gas reserves. In February, BP launched the Giza/Fayoumfield in the West Nile Delta offshore area which is expected toproduce around 60,000 barrels of oil equivalent per day.
BP's total net production in Egypt reached 49,000 bpd of oiland gas liquids and 878 million cubic feet per day of gas in2018, according to its 2018 annual report.
"Egypt is a core growth and investment region for BP," ChiefExecutive Officer Bob Dudley said in a statement.
"In the past four years we have invested around $12 billionin Egypt – more than anywhere else in our portfolio –– and weplan another $3 billion investment over the next two years,"Dudley said.(Reporting by Ron Bousso; editing by David Evans)
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